Can I get a home loan with ssi with the opposite sex co-borrower (approval, credit score)

[lovelydaria]

I want to get a home loan but my only income is ssi, and my credit is fairly good. which isn't enough to get the loan by myself but I have a male friend that has offered to be the co-borrower on the loan. Will social security count their income as spousal income even though I am not married to this person. They are just trying to help me get a loan.

[Litlove71]

If you can afford to pay the mortgage you should be able to qualify for a loan on your own. If he really won't be contributing then, that will be questionable. Research USDA direct loans that are subsidized for those that are low income and disabled. There are calculators at their site for what you can afford. You'll have to choose a home in a qualifying rural area, but that would likely be what would be within your budget anyway. You'll need minimum credit scores of 640. You may be able to find down payment assistance as well.

If you had a parent or child that could help you, they could pay the mortgage and claim you as dependent, potentially breaking even financially if they pay much in taxes. I'm looking at very modest homes and I have SSDI and it'll be a stretch for to get approval on just this income with a traditional lender. Using the USDA loan program, it would be much easier.

There are incentives out there to keep people from applying for (or staying on) subsidized housing. You may want to check into Habitat for Humanity as well.

Good luck.

Do you receive any state subsidy for your SSI payment? If you do, that may count as well.

[Litlove71]

Originally Posted by nathanTim

some of the best advice and opinion Ive read on this site which is full of bad opinion and advice all the time!,,,,I would differ however with encumbering a parent or a child,,,,not good esp an elderly parent !

having a parent on the hook is not a good idea really unless it's one of those reverse mtgs done like years ago which my parents did...they bought a very modest house and years later took a crap load of money one time payment chunk,,out of the house, ...free money until " death"...but those stupid deals are gone...and all are upside down.....others even lease the house in a tight market and even pocket more cash....hellllo....then go buy or lease something else,,,,,only in America

Thank you.

Agreed, that the idea of having a parent or child might be a bad choice in some cases, but not all. There can be a tax benefit, so it's just something to consider...